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$73 Million Exodus: BlackRock Bitcoin ETF Suffers Record-Breaking Outflow

Press Releases Crypto News Bitcoinist $73 Million Exodus: BlackRock Bitcoin ETF Suffers Record-Breaking Outflow

A major player in the cryptocurrency market found itself on an unusual side of history after experiencing its largest outflows in months.

The leading asset manager BlackRock ended the inflow streak of its Bitcoin exchange-traded fund after recording a $72.7 million worth of outflow on December 20.

Largest Outflow On Record

Data showed that BlackRock Bitcoin ETF (IBIT) witnessed the largest outflow since it was launched in January this year.

According to Farside Investors, the global asset manager’s Bitcoin ETF posted an outflow of 72.7 million in December, the highest on record for IBIT. They added that this came a day after IBIT registered zero flows, making investors anxious about the exchange-traded fund.

Source: Farside Investors

IBIT is not alone as fellow ETF issuer Fidelity Wise Origin Bitcoin Fund (FBTC) also hit an all-time high outflow of $208.5 million on December 19, a day before IBIT hit the same ordeal.

Analysts said that the following day, December 20, FBTC recorded another outflow of about $71.9 million, making the EFT suffer a two-day outflow streak.

IBIT and FBTC are among the top performing exchange-traded funds in the United States. The ETF issuers were ranked 1 and 2 among the top 25 ETFs in terms of assets after one month in the market.

Bitcoin is currently trading at $95,436. Chart: TradingView

Market observers said that the US Spot Bicoin ETF market’s record-high two consecutive day outflow was fueled by the all-time high outflows experienced by BlackRock and Fidelity.

Data showed that the ETF market lost $671.9 million on December 19 and another $277 million in outflows the next day, December 20.

Some Investors Are Concerned

The massive outflows experienced by the two of the biggest ETF issuers in the US sparked concerns from crypto investors on what could be the outlook for the ETFs in the upcoming months.

However, analysts

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Author: Christian Encila

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